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The best private banks in 2008

The best private banks in 2008

An informative guide for high net-worth individuals on the range of service providers that are available

FX debate

FX debate

Currency markets in a post credit crisis world

Friday, April 25, 2008

Treasury expects valuation of its stake in Bank BGZ within weeks.





Treasury expects valuation of its stake in Bank BGZ within weeks. The valuation of shares in Bank BGZ belonging to the State Treasury, which are to be sold in this year's public offering, should be ready within several weeks, said deputy treasury minister Joanna Schmid. She added that the valuation will be performed by an adviser chosen by the ministry and that the contract would be signed next week. If the valuation prepared by the ministry’s consultant differs only slightly from that of the adviser of BGZ's management board, an average valuation will be accepted, the deputy minister explained. If there is a large difference, a third valuation will have to be performed. The treasury does not know the price at which, earlier this week, the Dutch Rabobank purchased a 12.87% stake in BGZ from EBRD, thus increasing its holding to 59.35%. The bank's public share issue and bourse debut is to take place before the end of Q3/2008. This year's IPO is to consist of all or part of the treasury's 37.29% stake and possibly also shares belonging to private and legal entities (3.36%). The bank will not raise its capital by a new share issue. Rabobank also declared that it would not sell its shares. The offer of BGZ shares is estimated at up to approximately PLN 1bn (EUR 292mn). ISB


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